Frontier Financial affiliate buys Chesapeake apartments

An affiliate of Frontier Financial has purchased the 104-unit Marina Point apartments in Chesapeake for an undisclosed price.

Marina Point is one of eight properties in a 1,600-unit Property Capital Portfolio that CBRE is marketing. Built in 1965, it consists of 104 units of one-, two-, and three-bedroom apartments.

The property is named for its waterfront location in the Deep Creek section of Chesapeake and is surrounded on three sides by water with a boat launch into a tributary of the southern Branch of the Elizabeth River.

Marina Point, located along VA Route 17/George Washington Highway, is close to entertainment and employment centers of both Chesapeake and Portsmouth.

Dan W. Johnson, senior vice president and Hank Hankins, vice president for CBRE|Hampton Roads, represented the seller along with other members of the Washington/Baltimore CBRE Multi-Housing Team.